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Global BVU News and Trends August 2019

Business valuation news from a global perspective.

BVR offers resources to help UK business valuation professionals

Financial analysts in the UK have often struggled to find auditable market and financial data to support their assumptions and conclusions.

Meanwhile, the global value of control trends down slightly during Q1 2019

BVR has completed its latest quarterly update to the FactSet Mergerstat/BVR Control Premium Study (CPS), which includes an added 141 controlling acquisitions worldwide.

What is acquiring control worth in the UK?

Quite a bit, it turns out—30%. Current data (including Q1 2019 updates) from the FactSet Mergerstat/BVR Control Premium Study (CPS), show that UK buyers value the future benefits of controlling interests higher than nearly anywhere else in the world.

ICAEW Practical Business Valuation programme begins again this week

ICAEW offers its two-day valuation basics course again beginning 9 May in London (the second day is 24 May).

How much is business control worth?

A new control premium study published in M&A Review examines 589 takeover premiums of closed European transactions that occurred between 2005 and 2016.

Acquisitions of private firms up 12% in 2018

The number of announced acquisitions of privately owned companies increased from 7,793 in 2017 to 8,761 in 2018 (a 12% increase), reveals the soon-to-be-released 2019 Mergerstat Review.

Experts comment on recent Brundle ESOP decision

In its recent Brundle opinion (see last week’s coverage), the 4th Circuit Court of Appeals, in describing the major actors in the case, included a quote (not attributed) that the ESOP world was “a very incestuous community.”

It’s not just about FMV, Brundle ESOP appeals court ruling shows

“Fair market value” is not the only consideration when it comes evaluating the performance of the ESOP trustee, the 4th Circuit made clear in its recent ruling, on which we reported here last week and which represents another milestone in ESOP case law.

4th Circuit upholds Brundle ESOP valuation and damages findings

The 4th Circuit Court of Appeals just affirmed the district court’s ruling against the trustee in the intensely contested Brundle v. Wilmington Trust ESOP case, including the district court’s valuation and damages findings.

Brundle v. Wilmington Trust N.A. (III)

In key ESOP case, 4th Circuit affirms liability and damages findings against ESOP trustee; court says trustee’s reliance on ESOP appraiser’s contemporaneous valuation was not “reasonably justified”; district court used correct measure of damages and justifiable methodology, 4th Circuit finds.

4th Circuit Says Record Supports Liability and Damages Findings Against ESOP Trustee

In key ESOP case, 4th Circuit affirms liability and damages findings against ESOP trustee; court says trustee’s reliance on ESOP appraiser’s contemporaneous valuation was not “reasonably justified”; district court used correct measure of damages and justifiable methodology, 4th Circuit finds.

New York Times’ scathing article on appraisers wins Polk Award

In our coverage of the New York Times article on the “friendly” valuations used to increase the fortune President Trump received from his father, we called it “brilliantly written and fascinating.”

In Gatekeeper Role, Court Trains Attention on Expert Methodology, Not Conclusions

In ESOP case pivoting on valuation, court denies parties’ Daubert challenges; court notes “gatekeeping” means focusing “on principles and methodology, not the conclusions that [the experts] generate”; parties’ objections are mostly quarrels with opposing expert’s conclusions, court finds.

Acosta v. Wilmington Trust, N.A. (I) (Graphite)

In ESOP case pivoting on valuation, court denies parties’ Daubert challenges; court notes “gatekeeping” means focusing “on principles and methodology, not the conclusions that [the experts] generate”; parties’ objections are mostly quarrels with opposing expert’s conclusions, court finds.

Rethinking the Traditional Levels of Value—Continuing the Conversation

While the representation of a hierarchy of value has served generations of business valuers well, it now needs to be reshaped. One concern is that the hierarchy has at its core the concept of the control premium, a concept that has become strained beyond the breaking point.

Major Changes Enhance the 2018 Edition of Mergerstat Review of M&A Activity

The recently released 2018 edition of Mergerstat Review has a number of important changes, including updates to historical data, new tables that show premiums paid over the targets’ enterprise values, and more.

BVU News and Trends November 2018

A monthly roundup of key developments of interest to business valuation experts.

New York Times serves up scathing look at appraisers in Trump exposé

“Friendly” valuations are the main characters in a brilliantly written and fascinating article in the New York Times about President Trump’s involvement in “dubious tax schemes” and “outright fraud” to increase the fortune he received from his father.

DOL urges court to uphold judgment against trustee in Brundle ESOP litigation

In the ongoing Brundle v. Wilmington Trust ESOP saga, which is now in the appeals stage, the Department of Labor recently filed an amicus brief in support of the district court’s $29.8 million judgment against the ESOP trustee. The case arose out of a plan participant’s claim that the ESOP trustee breached its fiduciary duties to the plan by causing the ESOP to pay more than fair market value for the employer’s stock.

How high were M&A premiums last year? See the five highest premiums offered

Discover how far last year’s M&A buyers were willing to go above the publicly traded share value with their offers. View a list of the five highest premiums offered for M&A transactions announced in 2017.

New research refutes notion of private-company discounts

There is no evidence that unlisted firms sell at discounts compared to listed firms, according to a new paper.

BVU News and Trends June 2018

A monthly roundup of key developments of interest to business valuation experts.

Letter to the Editor of BVWire re: control premiums

Your recent announcement about the 13th Annual Fair Value Conference in Los Angeles may leave unwary readers with the impression that the MPAP guidance on control premiums in VFR #3 applies to all business valuation work.

Time to rethink the control premium

When you use the guideline public company method, do you always apply a control premium?

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